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Creating a robust business plan is crucial to the success of any startup. It not just provides a roadmap for your business, but also helps to attract potential investors. Here’s a practical guide to help you put together your business plan. Gather Relevant Information Start by collecting all the necessary information about your business. This includes understanding who will run the business, who will advise you, and a thorough analysis…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Canada added 40,000 jobs in August — but it added 100,000 more people, too Canada’s economy added 39,900 jobs last month, about twice as many as expected, but also only about half as many as would be needed to keep up with population growth. Statistics Canada reported Friday that…  Read more

Every business encounters financial challenges at one point or another. But when the going gets tough, just remember that you’re not without options. One practical strategy that can help you weather the storm is asset liquidation. Asset liquidation is a process of converting your business’s tangible or intangible assets into cash, providing you with the vital liquidity to bridge financial gaps until your business recuperates. However, this strategy demands careful…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Canada’s economy contracted during 2nd quarter, StatsCan says The Canadian economy appeared to stall in the second quarter as investment in housing continued to fall, led by a drop in new construction. Statistics Canada said Friday the economy contracted at an annualized rate of 0.2 per cent in the second quarter.…  Read more

Assessing the viability of your new idea is an essential part of market research. While seeking input from friends and family is common, gathering information from the market itself can provide more accurate insights. Here are 4 effective research tactics to collect accurate information about your business idea: Harness the power of the internet Leverage the power of the internet to explore your chosen market. Investigate your main competitors, their…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Why America’s election is Canada’s business One could say without exaggeration that Canadians follow American elections just as closely as they do their own federal politics. And rightly so. Our economy and security are fully intertwined with our southern neighbour, a superpower and still the largest economy in the…  Read more

Even if you have outsourced your financial functions, as a small business owner, it is crucial to have a solid understanding of key financial concepts to work with your advisor and ‘speak their language”. This article outlines several important concepts that every small business owner should be familiar with. Basics of income and expenses As a small business owner, it’s important for you to understand how you generate and spend…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Small business owners optimistic despite economic uncertainties A survey of small business owners in Canada found that despite economic uncertainties, a majority of Canadian small business owners and self-employed professionals are confident their businesses will thrive for the remainder of the year. ‘The hard work begins.’ Economists expecting rise…  Read more

As a business owner, it’s crucial to understand the power of social media marketing. Social media platforms provide an opportunity for businesses, no matter the size, to reach a larger audience, engage with potential customers, and drive sales. So, you’ve heard that your company needs to be on social media. Although this is true, it doesn’t mean your business is going to go from 0 to 100 overnight. Using social…  Read more

Starting a new business can be incredibly exciting, but it’s important to thoroughly evaluate your business idea before taking the plunge to ensure you’re creating a sustainable and successful venture. To get started, here are 9 questions to consider as part of an overall evaluation process. Save yourself money, time, and heartache down the line by investing a little time now. What customer problem does your business solve? Your business…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Economists expect rise in inflation as price-growth fight enters new phase Forecasters anticipate this week’s consumer price index report to show inflation rose last month, signalling a reversal in progress after a year of steady declines in inflation. Air Canada profits soar amid booming demand for international travel —…  Read more

For a small business owner, managing finances can be a daunting task. Keeping track of expenses, payments, and cash flow can be overwhelming, especially if you’re dealing with debt too. A business loan, line of credit or a business credit card can help your company hire new employees, purchase inventory, purchase equipment, and finance growth, but too much debt can become an unsustainable expense. Debt management is vital to the…  Read more

As a small business owner, you always look to keep your business running efficiently. Expense reimbursement fraud is the last thing you want to face. Not only can it hurt your bottom line, but it can also damage your company’s reputation. Here we discuss what is employee expense fraud, reasons behind it, and most importantly, how to prevent it from happening to your business. What is expense fraud? Expense fraud…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Business groups ask government for labour changes after end of B.C. port dispute Business groups continued to call on the federal government to take action in the wake of the recently resolved British Columbia port workers dispute on Saturday, arguing Ottawa must ensure such a disruption never happens again.…  Read more

It seems like the perfect storm has hit, with rising interest rates and inflation soaring. As a result, households are dealing with higher borrowing costs, leaving them with less disposable income to spend. And that means businesses are feeling the pinch. To make matters worse, staff shortages are adding to the pressure. Retail sales decline affects all businesses. Almost every sector is experiencing a downturn. Building companies, property companies, retailers,…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Economy hit ‘sharp reversal’ in June. What this means for the Bank of Canada Canada’s economy kept growing in May, but early signs of a long-awaited slowdown started to appear in June, according to Statistics Canada. The Bank of Canada has said that future rate decisions, including its next one on…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Inflation has fallen, but the Bank of Canada hasn’t backed off rate hikes. Here’s why Canada’s inflation rate has returned to the country’s target range after a tumultuous couple of years of soaring prices. But despite the good news, the Bank of Canada is still in inflation-fighting mode and…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Canada’s hot housing market ‘settling down’ amid rate hikes, new listings A return to Bank of Canada interest rate hikes and growth in new listings started to cool off the housing market in June, according to the Canadian Real Estate Association. Here’s what could send the Canadian dollar higher…  Read more

No matter what size your business is, or what industry you’re in, supply chain management is often an essential part of running a successful business.  As a small business owner, managing the supply chain can be overwhelming and time-consuming, especially when you have many other responsibilities to worry about. Fortunately, technology has made it easier to manage your supply chain more efficiently and effectively. Here are some pros and cons…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Struggling mortgage holders could see lenders waive fees under new guidelines Ottawa has published a new set of guidelines to standardize how Canada’s federally regulated lenders offer mortgage relief to consumers struggling under the weight of higher interest rates. Canada unexpectedly posts largest trade deficit since 2020 Canada’s merchandise…  Read more